The Masked Tulip Posted September 13, 2010 Share Posted September 13, 2010 Worth a read if you are new to all this HPC stuff. http://www.moneyweek.com/investments/property/spanish-property-and-uk-house-prices-03701.aspx Quote Link to comment Share on other sites More sharing options...
winkie Posted September 13, 2010 Share Posted September 13, 2010 Worth a read if you are new to all this HPC stuff. http://www.moneyweek.com/investments/property/spanish-property-and-uk-house-prices-03701.aspx I would say the majority of homes in Spain and similar places are owned outright and have been in families for years.....why sell if there is no need. The over indebted will default and the owned outright will only sell for a price they can get for it if there comes a time when they need the money to live/survive, so have no other option. Quote Link to comment Share on other sites More sharing options...
Home_To_Roost Posted September 13, 2010 Share Posted September 13, 2010 Good article. I am beginning to detest the MPC for their irresponsible IR policy. Quote Link to comment Share on other sites More sharing options...
Mega Posted September 13, 2010 Share Posted September 13, 2010 At some point its going to BLOW, but when & how i don't know. Mike Quote Link to comment Share on other sites More sharing options...
Tonkers Posted September 13, 2010 Share Posted September 13, 2010 In Spain wont they simply knock down all those new builds with no infastructure down? Quote Link to comment Share on other sites More sharing options...
AteMoose Posted September 13, 2010 Share Posted September 13, 2010 City centre flats prices, and holiday islands continue to rise unabated? The only area to crash was the coastal areas where foreigners bought crashed. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted September 13, 2010 Share Posted September 13, 2010 Meanwhile in VillaMartin ( torrevieja area ): http://www.rightmove.co.uk/overseas-property/property-31032542.html €70,000 2 bedroom terraced house for sale That's about half what a 2 bed flat was selling for in 2007. And, you can get a 2 bed for under 40K now: http://www.rightmove.co.uk/overseas-property/property-29426525.html?premiumA=true For the price 2007 price of a 2 bed flat you can now get a 4 bed town house: http://www.rightmove.co.uk/overseas-property/property-26991053.html Anyone buy in Villamartin in 2007 ? Are you bankrupt yet ? Price trend still generally down down down. Stock levels up up up. Quote Link to comment Share on other sites More sharing options...
LiveAndLetBuy Posted September 13, 2010 Share Posted September 13, 2010 I added the following comment to the article: House prices in Spain have also been propped up because much of the excess property that was built is simply not on the market. It is not for sale. Some of it might be advertised as if it were for sale, but the prices are too high for them to be realistically considered as "on the market". There are flats owned by banks that have been sitting empty all over Madrid for years now, and the banks simply won't drop the prices. How long they can keep the charade going is anybody's guess - if interest rates remain low then maybe a few more years yet, but how many years does it take for a "new house" to become an "old house" regardless of whether anybody has lived in it? Quote Link to comment Share on other sites More sharing options...
barrabus Posted September 13, 2010 Share Posted September 13, 2010 Worth a read if you are new to all this HPC stuff. http://www.moneyweek.com/investments/property/spanish-property-and-uk-house-prices-03701.aspx There is a second market in Spain i have recently sold a appt in Mallorca and have some cash in the Cam Bank in Spain ,i called in last week and my Manager there is acting like a est agent asking what i was looking for and offering me properties that they have reprocessed at up to 60% of there peek price, these are not with any local est agents. Quote Link to comment Share on other sites More sharing options...
LiveAndLetBuy Posted September 13, 2010 Share Posted September 13, 2010 There is a second market in Spain i have recently sold a appt in Mallorca and have some cash in the Cam Bank in Spain ,i called in last week and my Manager there is acting like a est agent asking what i was looking for and offering me properties that they have reprocessed at up to 60% of there peek price, these are not with any local est agents. Yes, the Spanish banks are also letting agents - my brother-in-law rents off Santander in Madrid, and he's got a very good deal whereby he can't be kicked out for 5 years, but he has a chance to leave every year, and the rent can't increase by more than the rate of inflation. Spanish banks will do anything but drop the prices of their housing stock. They've even started offering 100% mortgages - exclusive to those buying their overpriced housing stock only! Quote Link to comment Share on other sites More sharing options...
erranta Posted September 13, 2010 Share Posted September 13, 2010 (edited) Govt have to make the choice Crash house prices and start paying a decent rate of interest for savers & pensioners. With the crash in house prices, it should lower rents for millions all over the UK - who will then spend cash saved in the UK/local economy! Giving a massive boost to business, consolidate & create jobs - greatly enlarging Govt tax income. Bloody obvious Edited September 13, 2010 by erranta Quote Link to comment Share on other sites More sharing options...
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